National Company Law Appellate Tribunal
Vishnu Nischal rajkumar vs Radha Krishna Mills Ltd. & Ors. on 12 March 2020
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Company Appeal (AT) No. 66 of 2020
In the matter of:
Vishnu Nischal Rajkumar
....Appellant
Vs.
Radha Krishna Mills Ltd. & Ors.
....Respondents
Present:
Appellant:
Mr. D. Sreenivasan, Mr. G. Ananda selvam and Mr. G.
Kanimozhi, Advocates.
Respondents:
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ORDER
12.03.2020: The Appellant – Shareholder has challenged the order dated 28th November, 2019 passed by the National Company Law Tribunal, Division Bench, Chennai (‘Tribunal’ for short), whereby and whereunder the Scheme of Arrangement/ Demerger was accepted. The appeal has been preferred after delay of 4 days, which, being satisfied of the grounds, is condoned. On merit, it is submitted that the Appellant – Shareholder was not heard when the impugned order was passed.
2. However, that could not be a ground to interfere with the Scheme of Arrangement/ Demerger which is approved under Section 230-232 of the Companies Act, 2013, in absence of any irregularity.
3. Learned counsel for the Appellant submits that proceeding under Section 241-242 is pending and Appellant is the Petitioner in the said proceeding under
-2- Section 241-242. In this regard, we may observe that the issue pending consideration in proceeding under Section 241-242 being the subject matter of the present appeal, we are not inclined to interfere with the impugned order dated 28th November, 2019 or the present Company Petition before the Tribunal.
4. However, we make it clear that the Tribunal in the petition under Section 241-242 will decide the matter on merit after hearing the parties uninfluenced by order dated 28th November, 2019.
5. The appeal stands disposed of with aforesaid observation.
[Justice S. J. Mukhopadhaya] Chairperson
[Justice Bansi Lal Bhat] Member (Judicial)
[Shreesha Merla] Member (Technical) am/gc
Company Appeal (AT) No. 66 of 2020